Recently, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Opinions on Accelerating the Development and Utilization of Public Data Resources," which clearly stipulate the requirements for expanding the supply and circulation of public data resources and further releasing the value of data. At the same time, to cultivate a national integrated data market, the National Data Administration has released the "Opinions on Promoting the Development and Utilization of Enterprise Data Resources (Draft for Comments)," aiming to promote the compliant and efficient development and utilization of enterprise data resources and the realization of their value. The accelerated introduction of data infrastructure policy documents has injected strong momentum into continuously strengthening, optimizing, and expanding the digital economy and building a new competitive advantage for the country. From a practical perspective, although certain achievements have been made in the development and utilization of data resources, there are still prominent issues such as limited high-quality supply, unsmooth circulation and transactions, and insufficient application and development.

In combination with the current policy orientation and practical bottlenecks, this article takes the scenario-driven innovation approach as a breakthrough, adopts the system perspective of "useful research, effective market, and proactive government," and aims to develop a multi-type data element integration and transaction value system to prosper the data element market. It constructs a theoretical analytical framework for the dual integration of operational and governance mechanisms for China's multi-level data circulation and transaction value system. Focusing on the "operational mechanisms and governance mechanisms" of different types of data circulation and trading platforms, the article starts from five aspects: the construction of multi-subject data circulation and trading platform, the improvement of circulation and trading market efficiency, the analysis of data circulation market operational mechanisms, the analysis of the three-level data trustworthy circulation driving mechanism, and the exploration of the dual data circulation model of transaction and interaction. This forms a panoramic dynamic optimization paradigm for a multi-level data element market system, providing knowledge increment for the theory of data element market transaction.

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I. Useful Research: Scenario-driven Data Element Circulation and Transaction Value Theory Model

This article is based on the practical experience of China's data transaction market construction and proposes a scenario-driven data element circulation and transaction value theory model (Context-Driven data transaction and value creation model) (as shown in Figure 2). Specifically, it is necessary to apply scenario-driven innovation thinking to form a data element circulation and transaction and market value model starting and based on data circulation property rights theory (Data Property Rights, DPR). Under the premise of ensuring data rights and interests, the purpose is to reduce data market transaction costs (Data Transaction Cost Economics, DTCE) and promote the efficient circulation of data elements and the healthy development of various subjects in the data market (Data Behavioral Economics, DBE). At the same time, feedback on demand and problems in circulation continues to optimize the property rights system and regulatory paths (DPR), gradually forming a virtuous cycle. The core of establishing the above cycle is the application scenario (Context), which is the core and key to the "Data Element X" reform logic (12 key scenarios). Without specific application scenarios as a support, handle, and value landing orientation, building a platform is inefficient or even ineffective.

At the same time, combining the concept of precise supply for complex and comprehensive multi-dimensional and multi-element scenario demands emphasized by scenario-driven innovation theory, as well as the concept of "scenario specificity," this article believes that the efficient circulation of data elements must be combined with specific application scenarios. For example, the negotiation pricing model commonly used in the pricing process of data products fully reflects the specificity and particularity of the application scenario. The key to transforming data elements into new quality productive forces lies in scenario-driven [23], that is, expanding data elements to the entire industry. Only when data elements are coordinated and cooperated with traditional production factors such as labor, capital, and technology, combined with various production and life processes, forming complementary assets, and fully leveraging the power of the market to activate and release the value of the data economy.

It can be seen that the data circulation property rights protection mechanism based on rights protection and a trustworthy system can serve as a prerequisite for the effective use of data resources. It is supplemented by the supply and demand mechanism of the data element market to promote the scale effect and cost reduction and efficiency improvement goals in this field, ensuring the orderly circulation of data elements. Considering that the data element market, as a new type of market, involves multiple ecological entities, how to effectively balance the interests of all parties and stimulate market development at the beginning of market operations is an urgent problem to be solved. This article attempts to start from the perspectives of effective use of data elements, construction of new quality platforms, and high-quality supply of data elements within the boundaries of the open system of data element circulation and transaction value, by constructing a value model to clarify the value measurement standards of data, promoting the efficient circulation and transaction of data in different scenarios, and fully releasing the value of data. At the same time, establish the supply and demand mechanism of the data element market, achieve precise matching of data supply and demand through market mechanisms, improve the efficiency and fairness of data transactions, promote the formation of a sustainable commercial system in the data integration market, and lay a solid foundation for the high-quality development of the digital economy.

II. Effective Market: Practical Path of Data Element Circulation and Transaction Value

1. Build an ecosystem with multiple market entities. Data providers provide real, accurate, and complete data, reasonably price and provide services. Data demanders clarify the purpose of use, obtain, analyze data in compliance, and mine value, especially deepening data applications in key industries. The government formulates regulations and supervises data circulation platforms to ensure compliance. Platform builders ensure the stability, security, and efficiency of the platform, innovate functions, and improve the experience. Data service providers provide cleaning, de-identification, analysis, and other services to improve quality and efficiency, and promote data circulation. All parties need to establish a cooperation mechanism, clarify responsibilities and rights and interests, strengthen collaboration and communication, and jointly promote the development of data circulation.

2. Explore data circulation and transaction models for application scenarios. Application scenarios reflect the characteristics of data value and digital governance. Clarifying scenario needs requires in-depth analysis, including the type, format, quality, and real-time nature of data. Based on demand, filter and preprocess data, and use analysis and mining techniques to extract key information. At the same time, establish an evaluation system to quantify data performance, including accuracy, completeness, real-time nature, and reliability. With changes in scenarios and increases in data volume, data should be regularly evaluated and optimized. A feedback mechanism should also be established to collect user and expert suggestions, continuously adjust and optimize data, and adapt to scenario and market changes.

3. Optimize the operation mechanism of the data circulation and transaction market. The circulation objectives of the data element market are diverse, aiming to improve efficiency, optimize processes, reduce costs, and enhance credibility, attract market entities, and promote the healthy development of the market. In terms of incentive mechanisms, data trading platforms can provide subsidies and rewards to attract suppliers, discounts and priority services to attract demanders, establish incubation projects and innovation rewards to stimulate innovation vitality, and formulate reasonable pricing strategies to ensure fairness and transparency. In operation, data trading platforms should build a trustworthy circulation mechanism, establish trust through third-party certification, evaluation, and credit systems, implement monitoring and auditing to ensure compliance and security, and establish a feedback mechanism to continuously optimize processes.4. Perfect the mechanism for the credible circulation and transaction of data. Governments and data trading platforms should construct a credible data circulation system, including a strict authentication mechanism to ensure the qualifications of data providers, a reputation evaluation system to assess their credibility, and a data quality testing mechanism to ensure the authenticity and accuracy of the data. Strengthening the construction of data circulation platforms requires the certification of platform qualifications, providing technical support such as privacy computing and blockchain, and establishing regulatory audit mechanisms to ensure fairness and transparency. At the same time, the identity and qualifications of data consumers should be authenticated, their usage behaviors should be regulated, and a feedback traceability mechanism should be established to handle issues.

5. Enrich the forms of data circulation and transaction. As the development model of the data market iterates and matures, promoting full industry chain business cooperation and revenue sharing through data interaction has become the main form of circulation. The current mainstream interaction mode is API, which can achieve data circulation sharing and visualization, and artificial intelligence interactions mediated by multimodal data such as voice and video are reshaping new models of human-computer interaction development. The core role of data exchanges is to serve as an information platform for sharing, promoting full communication between relevant entities, building a positive interaction and open cooperation industry ecosystem, and jointly promoting the construction of relevant systems.

III. Effective Government: Regulatory Mechanism for Data Circulation and Transaction Market

1. Improve the regulatory system for data circulation and transaction by different entities

Clarify the roles and responsibilities of each market entity: Data providers need to ensure the authenticity and legality of the data, regulatory departments standardize data management to ensure legal and safe circulation; data demanders use legally, regulatory departments review qualifications and strengthen supervision; data circulation and transaction service organizations or third-party platforms need to provide efficient and convenient services while assuming regulatory responsibilities, encouraging the establishment of compliant intermediary platforms, governments strengthen market supervision, combat illegal and non-standard behaviors, and encourage industry self-regulation. Strengthen pre-access and self-regulation: Strict pre-approval, assess platform compliance, professionalism, and other factors; set high standards for qualifications and technical requirements to ensure platform security; deepen and refine self-regulation, platforms formulate transaction rules and regulatory measures, strengthen data review and protection; encourage collaborative regulation to maintain market order and a fair competitive environment.

2. Improve the regulatory system for data circulation and transaction by different behaviors

Establish a normative framework for data circulation and transaction: It is necessary to balance data security with the market, prohibit the transaction of classified data, and establish specific obligations such as data anonymization and transaction record preservation. In terms of legal articulation, it is necessary to consider contract law, product liability law, personal data protection law, etc., and formulate targeted regulatory measures. Strengthen the construction of regulatory agencies, improve law enforcement capabilities, and establish supervisory mechanisms. Improve the regulatory model of data circulation and transaction platforms: Trading platforms should strengthen compliance construction, improve service levels, and implement differentiated regulatory strategies. Crack down on behaviors that infringe upon the rights and interests of both parties in the transaction, and grant a certain degree of freedom to beneficial behaviors. Regulation must strictly comply with laws and regulations to prevent the abuse of power, establish a complaint and reporting mechanism, and jointly maintain market order.

IV. Development Suggestions

In the future, deepening the circulation and transaction of data elements driven by scenarios and the construction of value systems is key to accelerating the transformation of data elements into new quality productive forces. This process needs to focus on three dimensions: activating multiple entities, promoting mechanism innovation, and improving service systems.

Firstly, activating multiple entities requires effectively balancing the dynamic game between multiple institutions in the circulation and transaction of data elements and the value system. Relying on the pilot bases in Shenzhen, Shanghai, Beijing, Guizhou, and other places, a national data element innovation demonstration zone should be constructed to encourage the widespread participation of central enterprises, state-owned enterprises, well-known enterprises, and foreign-funded enterprises, to promote the innovation of data products and services, and to enrich the types and scale of transactions. At the same time, it is necessary to establish a unified basic system and operational specifications for data circulation and transaction, covering registration, pricing, clearing, arbitration, etc., exploring the path of data assetization and its accounting methods, improving resource allocation efficiency, and achieving linkage with domestic and international markets. In addition, in-depth research on the decision-making behavior and incentive mechanisms of data product supply and demand parties is needed, and through optimized design, market vitality is stimulated, and transaction volume is increased.Secondly, it is necessary to promote mechanism innovation, and to improve the governance mechanisms and carriers for the stable and orderly operation of the data element circulation platform. A comprehensive governance structure should be established, effective regulatory systems should be formulated, market feedback mechanisms should be established, market behavior should be standardized, and risks should be prevented. On the technical level, cutting-edge technologies such as blockchain, privacy computing, and data spaces should be utilized to innovate data trading, pricing models, and credible assessments of data usage, optimize transaction processes, reduce transaction costs, and improve matching efficiency. A comprehensive strategy system that includes basic theoretical research, technical standards, data pricing, privacy protection, regulatory policies, and industrial policies should be constructed. Through scenario-based verification in data sandboxes, the effectiveness and feasibility of the strategies should be ensured, forming a dynamically optimized operation and governance plan.

Thirdly, it is essential to improve the service system, and to create and gradually perfect a service system that includes registration and rights confirmation, asset evaluation, operational services, circulation transactions, and security protection. A multi-level data element market with "central coordination - industry effort - regional highlights" should be established. The central government should strengthen regulatory guidance, formulate policies and regulations, and clarify development directions. Various industry ministries and commissions should actively participate, optimize the allocation of resources and maximize the value of industry data application scenarios through data sharing and exchange. Local governments should adapt measures to local conditions, create characteristic data markets, attract companies to settle, and promote regional digital economic development. At the same time, combining the characteristics of the data life cycle, multi-level service systems, and multiple application scenarios, technical support and talent training should be strengthened to form replicable and promotable data element industry chains, value chains, and scenario innovation chains, promoting the realization of data value and market-oriented reforms.